Chart of the day: Buying spree for Hong Kong stocks
Investors in China have been snapping up Hong Kong stocks at their fastest pace in November this year. They buy about 3.6 billion yuan (US$543 million) worth of shares every day – via the Stock Connect cross-border share-trading schemes that link the city’s exchanges to the Shanghai and Shenzhen stock markets – so far this month, the most on a monthly basis in 2017, according to data compiled by Bloomberg. Their favourite bets include property developer Sunac China Holdings, Tencent Holdings and integrated circuit maker Semiconductor Manufacturing International Corp, data from Hong Kong Exchanges and Clearing show. This buying has been largely accountable for a 36 per cent jump on the Hang Seng Index this year. The benchmark rose 0.6 per cent to 30,003.49 on Wednesday, closing above the 30,000 point level for the first time in a decade.